Single-family home, condo prices in Greater Boston hit record high

In Greater Boston, the median sales price for a single-family home increased 7.1 percent last month to a record for the region: $652,500, up from $609,250 in June 2017, according to a market report the Greater Boston Association of Realtors released Wednesday. The median sales price for condos increased 10.6 percent, from $520,000 in June 2017 to $575,000 last month.

The number of single-family homes that sold was down 6.2 percent, but they spent 33 days on the market, four fewer than in June 2017. The number of condos that were purchased dropped 5.7 percent, but units spent 29 days on the market, three days fewer than a year earlier.

“Sales of single-family homes and condominiums remained historically strong in June but were unable to keep pace with year-ago levels due to stubbornly low inventory levels and steadily appreciating home values,” the group reported.

These communities saw a decrease (4.6 percent) in the median single-family selling price last month, from $820,750 in June 2017 to $783,000 last month. Condo prices went down significantly (17.6 percent), from $382,100 in June 2017 to $315,000.

These communities saw an increase (6.8 percent) in the median single-family selling price last month, from $585,000 in June 2017 to $625,000 last month. Condo prices rose as well (17.7 percent), from $395,000 in April 2017 to $465,000.

This region also saw jumps in both single-family home and condo prices. The selling price for single-family homes soared from $680,000 in June 2017 to $797,250 last month, a 17.2 percent increase. Last month’s median sales price for condos was $681,250, up 12.6 percent from the previous June ($605,000).

In this region, the median selling price for a single-family home grew 5.7 percent, from $628,500 in June 2017 to $664,050 last month. Condo prices were up slightly (0.1 percent), from a median of $379,500 in June 2017 to $380,000 last month.

The median selling price for a single-family home here was $515,000 last month, an 8.9 percent increase from $473,000 in June 2017. Condo prices rose 31.4 percent, from $281,500 in June 2017 to $370,000 last month.

Statewide, sales were down but prices were up for both single-family properties and condos in June, the Massachusetts Association of Realtors reported Wednesday. It’s the highest median sales price the state has seen since the group began recording the data in 2004.

The median price for a single-family home was $430,000 last month, 6.8 percent higher than in June 2017, while the cost of a condo increased 8.1 percent, to $390,000, according to the findings.

Sales of single-family homes and condos were down 5.4 percent last month. There were 6,589 single-family and 2,555 condo sales. “Closed sales have been down or flat for eight out of the past 12 months,” according to the report, while “median prices have been up or flat for 31 of the past 32 months.”

“Median prices rose higher and earlier in the spring market this year, which was a signal that we could reach record prices at the height of the home-buying season,” said Rita Coffey, association president and general manager of Century 21 Tullish & Clancy in Weymouth. “At a median price of $430,000 this June, it seems our predictions have come true. However, if we don’t get more inventory, we’ll continue to see prices go up and more people priced out of the market.”

The news on inventory wasn’t welcome for buyers, but it was good news for sellers. The number of single-family homes on the market was down 15.7 percent last month; for condos, it was a 16.2 percent drop. Single-family homes spent 48 days on the market, down from 57 in June 2017. The number of days condos were listed also decreased, from 47 days in June 2017 to 41 last month.

“It was the lowest number of homes for sale in the month of June,” according to the report, and it was the “76th time in the last 77 months of year-over-year inventory decreases.”